关键词:

异常资产出售, 非标审计意见, 盈余操纵嫌疑, 盈利能力, 市场竞争地位

Abstract:

Using the data of A-share non-financial listed companies from 2008 to 2018, this paper examines the impact of abnormal gains and losses on asset sales (proxied by Abgain) on the  tendency of auditors to issue modified opinions. The results show that a higher Abgain significantly improves the probability of the company to receive modified audit opinions. Besides, there exists the relationship between Abgain and modified audit opinions only in the companies with relatively stronger earnings manipulation suspicion, weaker profitability or lower market competitive status, which implies that auditors will issue audit opinions more carefully to deal with the risk of the abnormal asset sales of clients. Moreover, Abgain reduces corporate earnings quality, damages future operating performance, and increases performance volatility, which may be the mechanism through which abnormal asset sales affect the audit opinion decision. Additional analysis shows that the positive relationship between Abgain and modified audit opinions only exists when the company obtains abnormal gains through asset sales. This paper expands the research on the reactions of auditors to the real earnings management activities of clients from the perspective of asset sales manipulation, which helps to enrich the research on the economic consequences of corporate asset sales in China.

Key words:

abnormal asset sales, modified audit opinions, earnings manipulation suspicion, profitability, market competition status